Enbridge Inc., trading as (TSX:ENB) on the Toronto Stock Exchange and NYSE ENB on the New York Stock Exchange, stands as one of North America's largest energy infrastructure companies. The company delivered record financial performance for 2025, announced on February 13, 2026, while reaffirming its 2026 guidance and expanding its secured capital backlog to approximately US$39 billion.
The company also declared a 3 percent increase in its annualized dividend, raising it from C$3.77 to C$3.88 per share effective March 1, 2026, marking its 31st consecutive year of dividend growth. Strong earnings, a visible growth pipeline, and continued integration of acquired gas utilities reinforce (TSX:ENB) as a leading dividend-oriented infrastructure stock.

Company Overview
Enbridge operates through four primary segments: Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, and Renewable Power Generation.
Its Liquids Pipelines network transports nearly 30 percent of North American crude oil production via key systems such as Mainline, Flanagan South, and Seaway. The Gas Transmission segment represents one of the continent’s largest natural gas pipeline systems.
Following the 2024 acquisition of Dominion gas utilities, Enbridge significantly expanded its Gas Distribution segment, now serving nearly seven million customers across the United States.
Under CEO Greg Ebel, the company continues to prioritize low-risk, regulated, and long-term contracted infrastructure investments supported by a strong balance sheet and disciplined capital allocation strategy.

Why ENB Stock Is in Focus Right Now
(TSX:ENB) is attracting investor attention in 2026 due to multiple catalysts. Record 2025 financial results validated its long-term strategy, while 2026 guidance indicates continued growth supported by approximately US$8 billion in new projects and a US$39 billion secured backlog.
Additionally, the integration of Dominion gas utilities has strengthened the company’s regulated earnings base, while its 31-year dividend growth streak enhances its appeal to income-focused investors.
The combination of stable cash flows, dividend growth, and long-term infrastructure demand provides a strong outlook for both income and total-return investors.

Latest News and Recent Developments
On February 13, 2026, Enbridge reported full-year 2025 earnings of approximately US$7.1 billion (C$3.23 per share), compared to US$5.1 billion in 2024. Adjusted EBITDA reached approximately US$20.0 billion, reflecting a 7 percent year-over-year increase.
The company reaffirmed its 2026 guidance, projecting EBITDA between C$20.2 billion and C$20.8 billion and distributable cash flow per share between C$5.70 and C$6.10, representing roughly 4 percent growth.
Enbridge also expanded its secured capital backlog to approximately C$39 billion. Earlier, on December 3, 2025, the company announced its dividend increase and financial outlook.
Strategically, the company approved Mainline Optimization Phase 1, a project expected to add 150 kbpd of capacity by 2027, supported by long-term contracts and an investment of approximately US$1.4 billion.

Recent Earnings and Financial Performance
The company achieved record performance in 2025, including approximately C$20.0 billion in adjusted EBITDA and continued growth in distributable cash flow per share. Notably, Enbridge has met or exceeded its financial guidance for 20 consecutive years.
The Dominion acquisition significantly enhanced the Gas Distribution segment, increasing the share of stable, regulated cash flows.
For 2026, Enbridge plans to deploy approximately C$10 billion in growth capital, with around C$8 billion in projects expected to become operational, all supported by low-risk contractual frameworks.

Business Segment Breakdown

Liquids Pipelines
This segment includes the Mainline system and key pipelines such as Flanagan South and Seaway. Strong utilization and long-term contracts ensure stable cash flow, with ongoing expansion through Mainline Optimization Phase 1.

Gas Transmission
Enbridge operates one of North America’s largest natural gas transmission systems, benefiting from rising LNG exports, industrial demand, and power generation needs.

Gas Distribution and Storage
Following the Dominion acquisition, this segment has become the largest natural gas utility platform in North America, serving nearly seven million customers and contributing significantly to overall EBITDA.

Renewable Power Generation
Although smaller in scale, this segment includes wind and solar assets that provide stable, contracted cash flows and support energy transition objectives.

Industry and Macro Context
Energy infrastructure companies in 2026 benefit from stable hydrocarbon demand, increasing industrial activity, and growing power consumption driven by data centers and electrification trends.
Canadian midstream operators are also supported by improved export capacity, including developments such as the Trans Mountain Expansion and LNG infrastructure growth. Enbridge is well-positioned to capitalize on these trends.

Competitive Positioning
Enbridge is a leading player among North American midstream companies, competing with firms such as TC Energy, Pembina, Kinder Morgan, and Williams.
Its diversified asset base across liquids, natural gas, utilities, and renewables provides a competitive advantage, further strengthened by its investment-grade balance sheet and long-standing dividend history.

Key Catalysts to Watch
Key factors influencing (TSX:ENB) include project completions in 2026, progress on Mainline Optimization Phase 1, pipeline utilization trends, continued integration of Dominion assets, and future dividend decisions.

Main Risks and Bear Case
Risks include regulatory challenges, particularly for pipeline operations, interest rate sensitivity impacting valuation, and execution risks related to large capital projects.
Additional concerns include potential cost overruns, delays, and shifts in long-term energy demand, along with financial considerations such as leverage management and funding requirements.

Bull Case and Opportunities
The bullish outlook for (TSX:ENB) is supported by its diversified asset base, approximately C$39 billion secured backlog, and consistent dividend growth track record spanning over three decades.
The Dominion acquisition enhances its regulated earnings profile, while expansion projects and new asset deployments provide long-term growth visibility.

Valuation Context
(TSX:ENB) typically trades at a premium relative to peers due to its scale, diversification, and reliable dividend profile. The updated annual dividend of C$3.88 remains attractive for income-focused investors.
Valuation considerations include growth visibility, capital funding strategies, and sensitivity to interest rates affecting long-duration cash flows.

Investor Takeaway
Enbridge’s 2025 performance and 2026 outlook reaffirm its consistent strategy of delivering stable, regulated cash flows, disciplined growth, and reliable dividend increases.
With record results, a strong backlog, and continued expansion, (TSX:ENB) remains a core holding for investors seeking long-term income and infrastructure exposure, despite ongoing regulatory and macroeconomic risks.